EMCORE receives default notice on credit agreement; defaults disputed, interest accrues at 18%

EMCORE CORP

Agent alleges defaults for going concern qualification, compliance certificate, notice, and projections under Credit Agreement.
Company disputes going concern and projections defaults; says compliance certificate and notice defaults were cured by June 8 and June 5, 2024.
Interest accruing at default rate of 18% since May 1, 2024; agent has not accelerated debt as of June 21, 2024.
Noel Heiks resigned from Board effective June 17, 2024; Jeffrey Roncka appointed to Audit Committee and Bruce Grooms as Compensation Chair on June 21.
Company is in good faith discussions with agent to address the notices and prevent future defaults.

item 2.04 item 5.02

Executive movements

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Departed

Noel Heiks

Director

EMCORE CORP

Effective: 2024-06-17
Filed: June 21, 2024, 7:59 PM ET

On June 17, 2024, Noel Heiks resigned from the Company’s Board of Directors effective on June 17, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Noel Heiks resigned as Director at EMCORE CORP.

Action: resigned
Role: Director

Exact text from the filing

On June 17, 2024, Noel Heiks resigned from the Company’s Board of Directors effective on June 17, 2024.

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Source: SEC EDGAR

accession 0001104659-24-073987

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